- What Nearctic Industrial REIT lined up a bridge loan for a property in Grimsby
- Why The industrial property represents the REIT’s first project in Ontario
- What next The company plans to reposition the warehouse as a multi-tenant facility
Nearctic Industrial REIT has received a $20m bridge loan on a large industrial property in Grimsby, Ont., Green Street News can reveal.
The lenders were KingSett Capital and First Source Mortgage Corp. Balmoral Capital arranged the financing, which closed on Oct. 1.
Edmonton-based Nearctic purchased the property – its first outside of Alberta – in 2023, utilizing a vendor take-back mortgage. Proceeds from the new loan were used to repay that debt.
The 119,000 sq ft warehouse has 11 truck-level and two drive-in doors. The maximum clear height is 24 feet. Nearctic plans to reposition the property, structured as a single-tenant warehouse when it was purchased, as a multi-tenant facility.
At 270 Hunter Road, the property is directly beside the QEW highway. It’s 45 km to the U.S. border, 27 km to John C. Munro Hamilton International Airport, and 53 km to Toronto.
Nearctic Industrial REIT was formed by principals of Nearctic Property Group in April 2023 and focuses on urban industrial and warehouse properties. The company intends to amass $1bn of real property assets across Canada.
Nearctic Property Group is a real estate development and property management firm based in Edmonton.
